民丰特纸：预计2025年度净利润为1570万元左右

Group 1 - The company Minfeng Special Paper expects a net profit attributable to shareholders of approximately 15.7 million yuan for the year 2025, representing a decrease of about 78% compared to the same period last year, which is a reduction of 56.3 million yuan [1] - The main reason for the performance change is the impact on the core business, as the company's PM20 and PM22 paper machines will cease operations by the end of May and August 2024, respectively, resulting in no production during the reporting period [1] - The company’s Nanh Lake plant is scheduled to fully shut down by the end of June 2025, leading to simultaneous shutdowns of PM1 and PM21, with no production expected in the second half of 2025 [1] Group 2 - Despite the commencement of production for the first and second phases of the Haiyan plant project by the end of March and June 2025, respectively, the capacity is still in the ramp-up phase, causing a year-on-year decrease in overall production and sales volume [1] - The company recorded a decrease in operating income and operating profit due to the decline in production and sales volume, as well as a reduction in other income attributed to a decrease in the value-added tax payable of 11.0435 million yuan, which will be accounted for in the first quarter of 2024 [1] - Increased depreciation expenses are expected as the first and second phase projects transition from construction in progress to fixed assets in April and July 2025, respectively, alongside rising financial costs contributing to the decline in operating profit [1]